NEW DELHI: On Wednesday, the Enforcement Directorate (ED) announced the attachment of immovable properties valued at ₹313.12 crore as part of its ongoing probe into Ansal Properties and Infrastructure Ltd (APIL) and its promoters. This action stems from allegations of financial misappropriation and fraudulent diversion of funds collected from homebuyers.
These properties include residential land parcels totaling 9.08 hectares, situated in Agra, Uttar Pradesh, and are registered under the names of companies affiliated with APIL. The ED’s Lucknow zonal office executed the attachment under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation was prompted by 278 FIRs lodged against APIL and its directors for serious offenses such as criminal breach of trust, conspiracy, and forgery, as specified in various sections of the Indian Penal Code (IPC), 1860.
“This investigation primarily centers on the Sushant Golf City project in Lucknow. The FIRs detail issues such as failure to deliver flats and the misallocation of funds collected from homebuyers for this project,” the ED stated.
The investigation uncovered that customer advances amounting to ₹1,234.92 crore were collected under the pretense of projects at Sushant Golf City, Lucknow. “Out of this, only ₹921.80 crore was used for the creation of project assets in Lucknow, while ₹313.12 crore was misappropriated for unrelated activities,” the ED noted.
Since the direct Proceeds of Crime are no longer accessible, the ED has provisionally attached alternative immovable properties in Agra of equivalent value.
This action aims to safeguard the interests of innocent homebuyers and ensure stability in the ongoing projects.
